Expert: Steve Holleran - 5/22/2007

Question
Could you please tell me how much the final amount would be if 1,053,000. was compounded weekly for 1.5 years. Thank you
This has to do with federal court

Answer
Hello Alfred,

Well, it all depends on what the interest rate is.  I can't give you an exact answer unless I know that.  How about we'll go through an example using 6%?  If you have a different rate in mind, you can just substitute your value and get the result.

For an annual rate of 6% = .06, the computation would be:

   A = 1,053,000 * (1 + (.06/52))^(52 * 1.5)

     = 1,152,105.74

As I said, if you want to use a different interest rate, say 4%, you would just replace the .06 in the above equation with .04 and everything else would be the same.

I hope this helps out.

Steve Holleran